Glencore, a leading miner on the FTSE 100, has chosen to keep its stock market listing in London, opting not to shift to a U.S. exchange—a move that supports the London Stock Exchange.

The company, which is based in Switzerland, concluded after a formal assessment that relocating its listing to a market like New York would not deliver sufficient benefits to its shareholders.

In the first half of 2025, Glencore posted a net loss of $655 million (£492 million), nearly tripling its $233 million loss from the same timeframe last year. The setback was driven by weaker coal prices, difficulties in copper output, and instability due to fluctuating U.S. tariffs under Donald Trump. In response, it initiated a $1 billion cost-saving plan aimed at strengthening earnings.

The company began its listing review in February, with CEO Gary Nagle noting the importance of achieving the “right and optimal” valuation for the stock. On Wednesday, he confirmed the decision to maintain its current London listing.

Some business leaders believe a primary listing in the U.S., or a secondary listing through an American depositary receipt, can boost a company's valuation through access to a broader investor base.

However, in a report published with its interim financial results, Glencore noted that while U.S. capital markets offer unparalleled depth, becoming a U.S. domestic issuer or launching an ADR program was not presently in the best interest of shareholders, given current costs and benefits.

The company added that it might revisit the decision if market conditions change and will continue observing developments over time.

As of Tuesday evening, Glencore's market value stood at £35.9 billion, ranking it as the 21st largest firm in the FTSE 100. A departure would have marked one of the most significant exits from the London Stock Exchange by market cap.

In contrast, companies like Ashtead Group, valued at £21 billion, announced plans to move their main listings to the U.S. in December. Similar moves have already been made by Flutter—owner of Paddy Power, with a valuation of about £40 billion—as well as travel group Tui and food delivery service Just Eat Takeaway.

By staying based in London, Glencore remains part of the FTSE 100 index. A move to the U.S. could have made its inclusion in the S&P 500 uncertain, pending a change of corporate domicile.

Relocating the company’s domicile could also bring significant tax consequences, and might require some institutional investors to divest their holdings due to geographic mandate restrictions.

Glencore described its performance in the first half of the year as “solid overall,” despite global pressures including U.S. tariff shifts and conflict in the Middle East.

CEO Nagle said the firm remained resilient despite erratic trade actions from the U.S. administration.

“These are not stable arbitrage situations. Tariffs are sometimes imposed one day, altered the next, and removed shortly after,” he remarked.